The Alberta Securities Commission (ASC) is issuing an investor alert about Bforex, an offshore company that claims to be an online, over-the-counter broker specializing in the trading of foreign currency and commodities.
The ASC says it has received information that Bforex has solicited Albertans to invest, even though the offshore company is not registered with the ASC to sell securities, is not a reporting issuer in Alberta and has not made any filings with the ASC.
Bforex appears to be based out of the British Virgin Islands and lists contact information in seven countries on its website.
Quebec’s Autorité des marchés financiers has also issued a caution alerting investors to this company’s unauthorized activities.
As well, Canadian securities regulators have issued an Investor Watch related to foreign currency exchange trading that highlights the significant risks related to this type of investment.